Section 125 / Cafeteria Plan
Section 125 of the Internal Revenue Code offers savings for both the employer and employee. Employees can increase their take home pay by electing to have their Group Insurance Premiums, Medical Care, and Dependent Care paid for with Tax Free Dollars.
*Premium Only Plan (POP) - Allows employees to pay for Employer offered benefits pre-tax.
*Medical Care Flexible Spending Account - Allows pre-tax dollars to be set aside for out of pocket medical expenses, prescription drugs, selected over the counter products, dental expenses, vision their current insurance may not cover.
*Dependent Care Flexible Spending Account - Allows pre-tax dollars to assist in the cost of child care or adult day care. Up to $5,000 per year can be set aside pre-tax.
VIA works with several well known companies that specialize in Section 125 Administration, such as EBC, Benefit Advantage and Benefits Design Group. Packages can be developed to include a full Section 125 or portions thereof to fit your firm's needs.